05/12/2012 16:14 GMT | Updated 04/02/2013 10:12 GMT

Autumn Statement: UK Games Industry Tax Relief Set At 25%

The UK games industry has been given a boost in the chancellor's August Statement 'mini-budget' with a 25% tax break.

The games industry will receive a 25% cut on tax of qualifying expenditure.

The tax cut was announced at the budget in April, but the details had not been released until now.

The Treasury said in a statement that the tax reliefs "are among the most generous in the world".

The cuts will also apply to the animation and "high-end television industries".

The Department for Culture, Media and Sport has confirmed that more details about the tax reliefs and how they work will be announced on 11 December, but it is thought the value of the breaks could total around £15 million in the first year, growing to £35 million in 2014-15.